Deemed Dividend – Section 2(22)(e) of Income Tax Act can be applied only in the hands of shareholder
Case Law Details
Case Name : ACIT Vs Bhaumik Colour Pvt. Ltd. (ITAT Mumbai)
Related Assessment Year : 1997- 1998
Courts :
All ITAT ITAT Mumbai
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ITAT, Mumbai Bench ‘E’ Special Bench
ACIT Vs Bhaumik Colour Pvt. Ltd., ITA No. 5030/Mum/04 Dated : 19.11.2008
RELEVANT EXTRACTS:
35. The intention behind enacting provisions of section 2(22)(e) are that closely held companies (i.e. companies in which public are not substantially interested), which are controlled by a group of members, even though the company has accumulated profits wou
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can a private limited company give money to the directors on his resignation? if yes , then will it amount to deemed dividend u/s 2(22)(a) ?